Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Unchanged
Yesterday corn higher following Friday’s strength from Informa’s reduction in US corn acres and supported by continued weakness in the US dollar. Short covering ahead of month end Prospective Plantings report and quarter’s end. Corn inspections out yesterday were impressive, 39.2 mbu vs expectations of 30-37 and 41.5/week needed. Good numbers to Japan, Mexico, South Korea. Cordonieer says US corn acres will be 89million, he also leaves Argentina production at 23mmt and Brazil at 74mmt
Beans as of 7:45- Down 3
Export inspections were 19.1 mbu with trade expecting 17-25 mbu. Argentina farmer bean stocks are nearly double last year at 7.4mmt. Brazil truckers are still not happy and create a threat of another possible strike or disruption. Most areas of Argentina receive less to much-less than 0.50” of rain the next 7-10 days with the best overall chance for 0.15”-0.30” today. More rain would likely be ideal for second-crop soybeans.
Wheat as if 7:45-MW Down 7 KC Down 8
Funds bought 3,000 contracts of wheat yesterday. U.S export inspections were routine for wheat at 18.8 mbu, right in line with trade expectations. French wheat crop rated 92% good to excellent. Ukraine’s Uk AgroConsult pegs their 2015 wheat crop at 20.6mmt on lower crop ratings-and maybe the loss of Crimea